Answer: The unit Product cost is $32.09
Explanation:
$
Add : Direct Material. 35
Add: Direct Labour 16
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Prime Cost. 51
Add: variable manufacturing overhead. 15
Add: Fixed manufacturing overhead. 24,000
-----------------
Production cost. 24,066
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To determine the unit Product cost for the year we will divide the production cost by the unit produced
Production cost ÷ unit produced
Since the the production cost is $24,066 and unit produced is 750unit
24,066÷ 750
= 32.088
= 32.09
Therefore the unit Product cost is $32.09
Answer:
One motive that Dominic might have was that he has always wanted to become an entrepreneur and his grandmother wants him to take over the shop for her since his cake-making skills had very much improved since he started. And another motive Dominic had was that there was not a lot of jobs open for him in the area, so he was glad to help.
Explanation:
Answer:
quantity
Explanation:
An import quota is a restriction on the quantity of products that can be import to a country. This measure protects domestic production and assure a bigger share of it in the market for local companies
Answer:
Groups hurt by inflation: Fixed Salary Earners and Pensioners, Creditors and Savers.
Explanation:
Inflation refers to a quantitative measure of a rate at which a basket of selected goods and services’ average price level in an economy up rises over some time period. Inflation is indicative of a rise in general price level wherein a single currency unit buys less than what it did formerly. Expressed in percentage, inflation is indicative of a decline in the national currency’s purchasing power.
<u>GROUPS HURT BY INFLATION
</u>
<u>Fixed Salary Earners</u>: Their real income is eroded by inflation.
<u>Creditors</u>: When loan is repaid, its purchasing power is reduced.
<u>Savers</u>: This group is most hurt since the official nominal interest of the bank cannot resist the real rate of interest (inflation rate).
Answer:
The correct answer is option b.
Explanation:
The elasticity of supply for a good is generally higher in the long run as compared to the short run. This is because a firm is able to expand its production more in the long run.
In the long run, all the factors are variable, so production can be increased to a greater extent. In the short run, a firm can increase only the quantity of labor employed to increase production.
Also, firms cannot enter an industry in the short run but they can in the long run. This implies that the overall production in the industry can be increased more in the long run.
